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similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for me." he lost that election. he did not have to call for that election. he called for it to lose it, to stay at home. he has not spoken since. he is having a nice holiday. and then there was papandreou. i was an advisor up until 2006. so i am not to blame. who unfortunately, he did not see the crisis of the eurozone collapsing. the eurozone had no foundation. there was an earthquake. it starts unraveling with greece. and let's say between 1995 2008 god and his angels descended on an athens and ran the show. with rationality, omniscience, ethos, and morality. greece would not have been the
similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for...
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for greece as a whole, it means that and more. the headlines are about finance ministers, debt deals, austerity measures. but it's become clear that he problem here in greece now goes well beyond just the economy. as a recent european commission report says: after years of weak growth, the crisis is now having severe social consequences. look up and you still see the ancient acropolis, symbol of a glorious past. and some parts of the city bustle with holiday energy. but not far away: closed-up storefronts. and, further below the surface, this: a health clinic set up by the greek branch of the international aid group, doctors of the world to serve the country's newly poor. dr. nikitis kanakis is its director. >> brown: kanakis group, in fact, had to cut back some of its work in africa because of the needs at home. here in perama, unemployment tops 50% as the shrinking economy has crippled much of the local shipping industry. at the same time, the deeply indebted greek government has made dramatic budget cuts, including to health be
for greece as a whole, it means that and more. the headlines are about finance ministers, debt deals, austerity measures. but it's become clear that he problem here in greece now goes well beyond just the economy. as a recent european commission report says: after years of weak growth, the crisis is now having severe social consequences. look up and you still see the ancient acropolis, symbol of a glorious past. and some parts of the city bustle with holiday energy. but not far away: closed-up...
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similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for me." he lost that election. he did not have to call for that election. he called for it to lose it, to stay at home. he has not spoken since. he is having a nice holiday. and then there was papandreou. i was an advisor up until 2006. so i am not to blame. who unfortunately, he did not see the crisis of the eurozone collapsing. the eurozone had no foundation. there was an earthquake. it starts unraveling with greece. now, let's say between 1995 and 2008 god and his angels descended on an athens and ran the show. with rationality, omniscience, ethos, and morality. greece would not have been
similarly in greece. so, you had executives coming to greece, bribing politicians. the greek government -- they did not listen. then 2008. the conservative prime minister, he is not a stupid man. he was a terrible prime minister, but he is not a stupid man. you know what he did? he bailed out. he has not spoken since. he affectively called for a general election. he did not contest it. it was much worse than obama's first debate. he appeared before them and was like "don't vote for...
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becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on page, it is really about opportunities for people. whether you will be able to send your kid to school, to college, whether it will be able to buy a car, my house, whether we will have economic opportunity for the people of the country. the best academic research that has been done shows that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. so there is a similarity with what is happening in europe and what could happen here if we don't get our house in order. >> you talked about a single- minded
becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on...
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like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling global surpluses again in a rational way. the great advantage of having no qualms about lying through your teeth as politicians in this country and in my country have been known to do -- the story that i have been trying to tell is quite complicated. you can use simplification in order to confuse people. when in being interviewed by the media, you have about 20 seconds. you have to answer the question of what is wrong with the world. if you say, well, we have too much debt. we will become the slaves of the chinese like these a
like we are doing in greece. in greece, we've had the most brutal, a substantial fiscal squeeze and in the history of humanity. if you look at the numbers, and nowhere before as the budget -- has the budget been squashed so savagely. and what happened to the debt? 129% to 200% of gdp. it is what happens. when you kill the cow that produces the milk, it will not produce more milk and if you keep hitting it, it will not produce more. the problem with the economy is, we need to start recycling...
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well there is going to be disconnected since it is the same disconnect that's going on in greece the same one that's going on in spain and ireland and portugal and in italy so yeah the disconnect is going to be there there's not going to be any money for them there aren't going to be any jobs and these are the things that revolutions are made of and we're going to see more of it you know its bonds away in twenty thirty eight and dr paul craig roberts one of our contributing editor of the trends journal is going to be writing an extensive piece on that he says the bond bubble is ready to burst so these kids are going into this society and there's nothing in front of them that gives them any optimism i mean they don't even believe in helping change anymore so what we're going to see when we you look around europe for example max you have unemployment rates among the youth that's over fifty percent in spain in greece it's approaching that in italy in portugal and they're going to have the same thing in the united states you have these young people with their hormones raging in their rag
well there is going to be disconnected since it is the same disconnect that's going on in greece the same one that's going on in spain and ireland and portugal and in italy so yeah the disconnect is going to be there there's not going to be any money for them there aren't going to be any jobs and these are the things that revolutions are made of and we're going to see more of it you know its bonds away in twenty thirty eight and dr paul craig roberts one of our contributing editor of the trends...
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Dec 27, 2012
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it will remind me of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a deal in the offing. he has a point, you know. it's not over, you know, until it's over and these guys do sometimes come up with last-minute deals, but i want to be very clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do
it will remind me of greece. greece is getting bailed out. and going on back and forth. will there be a deal by december 31st? i don't think so, but if a deal gets penned out by mid-january, we can look forward to focusing on earnings and get this fiscal cliff over with so we can see what's going on important in the world, and that's earnings. >> let me -- can i comment on that? >> yeah, sure. >> i want to comment on rick santelli's optimistic view that maybe there really is a...
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she has stuck to her goals in 2012 -- to save the euro and greece without compromising germany's financial stability. >> how alive is the concept of charity? we bring you an example from mexico. >> first, some of the stories making news. japan has a new prime minister, voted in by the lower house of parliament earlier today. his liberal democratic party won by a landslide in polls earlier this month. he has vowed to introduce aggressive monetary policies and says he wants to revise japan's pacifist constitution. >> china has launched the world's longest high-speed rail route. the line between cities is almost 2,900 kilometers long. trains travel an average speed of 300 kilometers per hour, cutting travel time in half to just eight hours. >> floods in malaysia have forced more than 13,000 people to flee their homes. the floods have hit several states of the country's east coast. one woman died after slipping into a swollen river, and forecasters are expecting more rain to fall. >> china's leading producer of rare earth is attempting to shut down some plants in an attempt to stem falling pri
she has stuck to her goals in 2012 -- to save the euro and greece without compromising germany's financial stability. >> how alive is the concept of charity? we bring you an example from mexico. >> first, some of the stories making news. japan has a new prime minister, voted in by the lower house of parliament earlier today. his liberal democratic party won by a landslide in polls earlier this month. he has vowed to introduce aggressive monetary policies and says he wants to revise...
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ultimately is austerity this is this is what we're seeing happen in europe what we're seeing happen in greece and spain and in the u.k. where they didn't pass any stimulus packages like the one you were just talking about and their unemployment rates are significant about their g.d.p. or. higher their g.d.p. growth is significantly lower there in recession after recession republicans just not paying attention even some democrats not paying attention to what's going on across across the pond there i would suggest to you that republicans are paying attention to a lot of things and where they're bracing austerity which is clarity and to not work this in austerity would be good let's zero out the pell grants let's cut back subsidies on amtrak let's pare back some of the some of the so then do these federal workers pay let's cut reserve saturday back to not only rents raise the medicare eligibility age they're not only there but even though the federal civilian employees pay has been quote frozen unquote the step increases are still in place that there are there are civilian employees who are maki
ultimately is austerity this is this is what we're seeing happen in europe what we're seeing happen in greece and spain and in the u.k. where they didn't pass any stimulus packages like the one you were just talking about and their unemployment rates are significant about their g.d.p. or. higher their g.d.p. growth is significantly lower there in recession after recession republicans just not paying attention even some democrats not paying attention to what's going on across across the pond...
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bronx guy when people lose everything and have nothing left to lose they lose it they're losing it in greece they're losing it in italy they're losing it in portugal they're losing it in ireland the world is it war are all of the pieces are coming together but they're calling them something else day not even calling it class warfare in europe for example and it is yes it does seem like every. country across the world is a tyranny with the global market everything's connected. in its current trajectory it's not sustainable on a crash course and with all of this conflict happening jerrold one of your trends is pete what what up with that. well what we're saying is that we see this direction is going i mean you don't have to be a trend forecaster to figure it out we believe we're going to see masses peace movements begin to happen in the twenty first in two thousand and thirteen as there's still outstanding out of control and that's what's going on now and by the way you know people say well you know you used to talk about the problems how about the solution we've come up with a solution it's c
bronx guy when people lose everything and have nothing left to lose they lose it they're losing it in greece they're losing it in italy they're losing it in portugal they're losing it in ireland the world is it war are all of the pieces are coming together but they're calling them something else day not even calling it class warfare in europe for example and it is yes it does seem like every. country across the world is a tyranny with the global market everything's connected. in its current...
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country of germany for years now germany has been inflicting austerity on so-called debtor nations like greece and spain but now it's turning its austerity knives and words at its at its own aging populations an increasing number of elderly germans are being shipped off to retirement homes in health care facilities outside of germany off the eastern european and asia with one of the fastest aging populations in the world and rising costs for elderly care germany has resorted to. cost control and deportations which social welfare organizations in the country have deemed as inhumane researchers have found more than seven thousand elderly germans living in homes in hungary plus another three thousand in the czech republic and six hundred slovakia sadly germany is now no country for old men and that is very very ugly. finally a disturbing new record was set in afghanistan this year as our military conducted four hundred forty seven drone strikes in the war torn nation in two thousand and twelve the most of any year ever in fact more drone strikes were carried out in afghanistan this year alone tha
country of germany for years now germany has been inflicting austerity on so-called debtor nations like greece and spain but now it's turning its austerity knives and words at its at its own aging populations an increasing number of elderly germans are being shipped off to retirement homes in health care facilities outside of germany off the eastern european and asia with one of the fastest aging populations in the world and rising costs for elderly care germany has resorted to. cost control...
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seen lately because of fiscal cliff and the headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa administrator lisa jackson is stepping down. her term really has been marked by battles over things like the keystone xl pipeline and coal fired power plants. just this month alone the epa has enacted rules that will cost businesses billions of dollars in regulation. that's why some may be saying good riddance. let's bring in robert costas. isn't that harsh? listen, you don't have to agree with her. she had her vision and she went for it. what's wrong with that? >> i think it's not harsh at all. this has been one of the most activist administrators in the obama administration. she comes in in 2009. immediately she gets to work on cap an
seen lately because of fiscal cliff and the headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa...
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begin to wonder it may be, just maybe, the worse is finally past, there's some hideous headline out of greece that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your world view. you have to assume that somewhere sometime something will go wrong. i'm not saying you should be a super skeptic permabear, not at all. over the course of my 31-plus years in this business i've seen the averages climb way too way, watch the market make people way too much money to ever be too cynical and close-minded. being negative all the type has not historically been a lucrative strategy, and i don't see any reason why that should change. there are a handful of incredibly professional short sellers, hats off, able to turn pessimism into profits but i don't recommend trying to follow in their f
begin to wonder it may be, just maybe, the worse is finally past, there's some hideous headline out of greece that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your...
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we are going to be like greece. that was -- everybody -- both sides, by the way, republicans and democrats, both used the phrase default. you know perfectly well how it works in the government. you can make choices. >> i hate to break the news to you but -- i don't think anyone other than watching cnbc anyone actually cares and nobody believes the federal government will not pay social security or other debts. >> are you kidding me? i think they do. that's what they start with. right? start with the social security checks aren't going to go out. then -- what do people do, call their congressmen? the elderly get frightened. they think they won't have their weekly paychecks. >> this would not be the first time anyone from the executive branch tried to scare senior sit sense what do we do? we are going over the cliff. do you think we are going over cliff? >> i talked to the speaker's people today. bottom line is the speaker did remarkably smart. he didn't bring his bill up because he didn't have the votes and then sent
we are going to be like greece. that was -- everybody -- both sides, by the way, republicans and democrats, both used the phrase default. you know perfectly well how it works in the government. you can make choices. >> i hate to break the news to you but -- i don't think anyone other than watching cnbc anyone actually cares and nobody believes the federal government will not pay social security or other debts. >> are you kidding me? i think they do. that's what they start with....
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in europe and what could happen here if we do not get our house in order, but we certainly are not greece. >> you have talked about a single-minded focus, but you are leaving it with the job undone. how are you feeling about leaving it at this particular time? >> i'm hopeful the job will be done. we still have several weeks. we have laid out the plans and all of these efforts that i have been part of and other efforts as well. i still have some optimism. that we will get this job done and get it done now. one of the reasons i did not run again is that i wanted to focus this last two years. i knew if i was running a would not be able to be in the hundreds of hours of negotiations that i have been in. and those negotiations have generated a work product for those who are available to negotiate. and i believe those who have been negotiating will be part of a solution, whether it comes early this next year -- and whether it comes at the end of this year, or early the next. >> what will you be doing next? >> i do not know. i will be doing some speaking, some teaching. i have people starting to
in europe and what could happen here if we do not get our house in order, but we certainly are not greece. >> you have talked about a single-minded focus, but you are leaving it with the job undone. how are you feeling about leaving it at this particular time? >> i'm hopeful the job will be done. we still have several weeks. we have laid out the plans and all of these efforts that i have been part of and other efforts as well. i still have some optimism. that we will get this job...
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. >> greece will stain the euro in 2013. that's what lang merkel wants and she's holding the purse strings. she wants to be re-elected and doesn't want any cost of contagion in. the cost on a relative basis is cheap. mexico is the next hot market. almost unnoticed, our southern neighbor becoming an economic stronghold on its own. legal and financial reforms have led to a growing middle class. as china gets more expensive, mexico becomes more competitive in manufacturing. africa disappoints classic emerging markets of russia, brazil and china slow down from their heyday and so-called frontier funds have been started with a focus on the next hot growth area, focusing on africa and many believe now is the time. this is an overgeneralization. the rule of law is not widespread enough in the continent. there is a glimmer of hope such as sun nish sha. countries such as egypt still questionable. we have seen mass rioting there and growing concerns whether the new rule of law and new constitution will effectively protect investors. >
. >> greece will stain the euro in 2013. that's what lang merkel wants and she's holding the purse strings. she wants to be re-elected and doesn't want any cost of contagion in. the cost on a relative basis is cheap. mexico is the next hot market. almost unnoticed, our southern neighbor becoming an economic stronghold on its own. legal and financial reforms have led to a growing middle class. as china gets more expensive, mexico becomes more competitive in manufacturing. africa...